Grains Report - Wednesday, Nov. 4

Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1086 January. Support is at 1057, 1045, and 1038 January, and resistance is at 1075, 1088, and 1100 January. Trends in Soybean Meal are mixed to up with no objectives. Support is at 372.00, 369.00, and 368.00 December, and resistance is at 384.00, 392.00, and 394.00 December. Trends in Soybean Oil are mixed. Support is at 3290, 3270, and 3210 December, with resistance at 3400, 3440, and 3480 December.

CANOLA AND PALM OIL

General Comments: Palm Oil closed higher. Ideas are that MPOB can show lower ending stocks this month. Chart trends are trying to turn up again. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. At least some of the plantation owners have asked for more migrant workers to cover the lack of workers that can be sourced locally. Canola was higher on the rally in Soybeans and products and despite a weaker US Dollar. Canola farmers are selling due to harvest pressure, and industry and speculators are starting to sell now. Harvest in the Prairies is almost done and yields are reported to be very strong.

Chart Analysis: Trends in Canola are mixed. Support is at 533.00, 529.00, and 526.00 January, with resistance at 544.00, 547.00, and 553.00 January. Trends in Palm Oil are mixed. Support is at 2990, 2940, and 2850 January, with resistance at 3110, 3150, and 3180 January.

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